White House releases budget for 2015

US President Barack Obama has called for expanded tax credits for the poor and for a reduction in tax breaks for the rich in his annual budget proposal.The $3.9tn budget calls for a rise in the minimum wage and for new spending on infrastructure.The budget foresees the American economy growing by 3.1 percent this year and by 3.4 percent the next, with inflation remaining under control, rising to only 2.0 percent in 2015.“Building on the progress already made, the budget’s deficit reduction measures are more than enough to achieve the key fiscal goal of stabilizing the debt as a share of GDP,” the White House said as it released its budget for the 2015 fiscal year on Tuesday.The White House said the government could bring in $650 billion over the next decade with tax reforms that would eliminate special breaks for businesses like oil companies, increase a tax that favors wealthy investors over regular income earners, and remove various other loopholes in the tax code.